An official circular to all bank customers regarding the ID card

The application of remote work for 4 days during this month, the Central Bank asked all banks and exchange and finance companies, to be satisfied with the Emirates ID card, as a proof of residence in the UAE, instead of the residence sticker on the passport, for all residents.

In a circular, which Emirates Today obtained a copy of, the Central Bank referred to Cabinet Resolution No. (31/2 and) of 2022 regarding the adoption of the Emirates ID card as proof of residency in the country, and the suspension of work on the issuance of the residence sticker that is proven on the passports of residents, starting from April 11, 2022.

He added: "Therefore, the residency and identity card applications have been combined together in a new unified form that includes the services of issuing and renewing the residence and identity card in one application instead of the previous separate applications."

In another matter, the Central Bank said in a statement that it and the Central Bank of South Korea had agreed to renew the bilateral agreement to swap currencies of the two countries, affirming their commitment to continuing to strengthen trade and financial cooperation between the two countries.

The agreement, which was signed for the first time in 2013, allows the two parties to continue to exchange local currencies, amounting to 20 billion dirhams and 6.1 trillion Korean won, for a period of five years, starting from the date of April 13, 2022, with the possibility of extending it with the mutual consent of both parties.

Central Bank Governor Khaled Muhammad Balama said that "the agreement with the Central Bank of South Korea contributes to the development of the economic and financial markets in the two countries significantly, and reflects the two parties' keenness to deepen bilateral cooperation in financial issues, especially those related to trade and investment fields, and to enhance financial stability." .